Property

Low Cost Housing in Mumbai

Perhaps India’s most sought after location for living, Mumbai is the nation’s financial capital. The biggest stock exchanges, the Reserve Bank of India, and other financial authorities are headquartered here. But as it is rightly remarked, ‘It is easy to find everything in Mumbai, expect a house’, rather a home for you can cause you a fortune often. The various affordable homes that are spread across Mumbai are the initiatives by the builders and the municipal corporation. These apartments are largely priced between 7 lakhs -12 lakhs for 3 BHK facilities and between 5-7 lakhs for 2 BHK flats. Rents vary from Rs 10,000- Rs 13,000 at a decent location that is though not a commercial district.

A Brief Outlook

The Bollywood starlets have already made housing in Mumbai an expensive affair! Finding low cost housing in India- Mumbai is an important challenge for the residents of Mumbai. The slums of Mumbai which are one of the largest in India have families who strive for privacy and space under one roof. Sanitation facilities are also severely lacking along with huge shortage of affordable housing units. Like in many other cities of India, Mumbai faces a lot of problems in drainage system during the monsoons, yet the funds for development are at the high end of the market.

Despite these crunches, the Mumbai housing industry is rapidly growing especially because there are investments in building of high-rise towers. The flat culture is more popular than that of ownership homes and therefore they are less costly to premium homes. This is mainly because the lands in Mumbai cost huge. But, if we have to look at the lower end of the spectrum, the poor here remains poor and without a proper shelter.

There are two ways of implementing low cost housing in India- Mumbai; either by opting for a stand-alone project or by making these segments a part of the larger, mixed-used development to get cross subsidy. Larger players too are getting interested in the segment now. Many integrated developments across the country have low cost housing as a part of it.

Commercial housing market in Mumbai

The commercial housing market in Mumbai refers to the office and commercial space in the real estate market in Mumbai. The total office market stock is estimated approximately at 33 million square feet or which 12 million are for the premium corporates in Mumbai. The Nariman Point in Mumbai is popular for being the prime office establishments. The office rent rates in Mumbai are low only when they are not in proximity to good hotels that facilitates better business. If you willing to compromise on advantages of specific locations there is a chance that you will stumble upon some good office buildings and space on cheaper rates.

Low cost residentials in Mumbai

Low cost housing in India- Mumbai is moving towards North and away from the Central Business Districts making them cheaper. The cityscape of Mumbai has emerged as a great place for celebrity bungalows, mansions, and apartments that made the entire neighborhood expensive than what they were even 10 years ago. Rising prices of homes began to hit the middle class and that is when the plan of setting up of five lakh low cost homes in Mumbai was introduced by a project of the Mumbai Metropolitan Region Development Authority. The middle class locality based in Vashi in Navi Mumbai pays a rent of around Rs 20,000 at present.

One of the largest affordable housing projects in Mumbai that took off in 2008 was an integrated mega-township project by Matheran Realty Pvt Ltd (MRPL) in collaboration with a British partner. The work of the first phase of the Rs 48 billion ($1.2 billion) project, spread across 4 million square feet at Karjat, started in April 2008. Bookings were open at an affordable price of Rs.999 per square foot.

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